Share’s code： 000550 Share’s Name： Jiangling Motors No.： 2023-036
200550 Jiangling B
Jiangling Motors Corporation, Ltd.
2023 Third Quarter Report
Jiangling Motors Co., Ltd. and its Board members undertake that the
information disclosed herein is truthful, accurate and complete and does
not contain any false statement, misrepresentation or major omission.
Important Note
1. The Board of Directors and its members, the Supervisory Board and its
members, and the senior executives are jointly and severally liable for the
truthfulness, accuracy and completeness of the information disclosed in the
Report, and confirm that the information disclosed herein does not contain
any false statement, misrepresentation or major omission.
2 Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department,
Ding Ni, confirm that the financial statements in this Quarter Report are
truthful, accurate and complete.
3. Whether the 2023 third report is audited?
□Yes √No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
Beginning of
Reporting period YoY YoY
Year to End of
(2023 Third Change Change
Reporting
Quarter) (%) (%)
Period
Revenue 8,078,772,861 3.46% 23,508,145,170 6.70%
Profit Attributable to the Equity
280,065,212 5.76% 1,009,452,769 40.75%
Holders of the Company
Net Profit Attributable to
Shareholders of Listed
239,772,243 513.45% 657,501,454 1,048.11%
Company After Deducting
Non-Recurring Profit or Loss
Net Cash Generated From
—— —— 2,415,587,984 208.67%
Operating Activities
Basic Earnings Per Share 0.32 5.76% 1.17 40.75%
(RMB)
1
Diluted Earnings Per Share 0.32 5.76% 1.17 40.75%
(RMB)
Weighted Average Return on
2.98% -0.04% 10.49% 2.40%
Net Asset Ratio (%)
At the End of the At the End of the Previous Change
Reporting Period Year (%)
Total Assets 27,997,951,346 27,468,321,835 1.93%
Shareholder’s Equity
Attributable to the Equity 9,896,617,917 9,243,817,333 7.06%
Holders of the Company
2. Non-recurring profit and loss items and amounts
√Applicable □Not Applicable
Unit: RMB
Reporting period Beginning of
(2023 Third Year to End of
Quarter) Reporting Period
Profit and loss of non-current assets disposal
(including the charge-off part of the asset impairment -2,340,864.00 -3,096,758.00
provision)
Government subsidies included in the current profit
50,839,349.00 409,483,303.00
and loss
Capital occupation fee charged for non-financial
2,034,471.00 8,924,764.00
enterprises included in the current profit and loss
In addition to the effective hedging business related to
the normal operating business of the Company,
holding the gains and losses of fair value changes
arising from trading financial assets and trading
1,035,581.00 7,810,540.00
financial liabilities, as well as the investment income
obtained from the disposal of trading financial assets,
trading financial liabilities and available for sale
financial assets
Return of the impairment provision for receivables with
-1,798,850.00 5,120,492.00
a separate impairment test
Other non-operating income and expenses except the -1,659,158.00 -10,721,581.00
above
Less: Income tax impact amount 7,817,560.00 65,537,976.00
Influence of minority shareholders' equity (after-tax) 0.00 31,469.00
Total 40,292,969.00 351,951,315.00
Details of other profit and loss items that meet the definition of non-recurring
profit and loss
2
□Applicable √Not Applicable
There is no any other profit and loss items that meet the definition of
non-recurring profit and loss in the Company.
The description of that the non-recurring profit and loss items listed in
Corporate Information Disclosure of Public Issuing Securities No.1 are defined
as recurring profit and loss items
□Applicable √Not Applicable
The Company does not have a situation in which the non-recurring profit and
loss items listed in No.1 of Corporate Information Disclosure Announcement
No.1 are defined as recurring profit and loss.
3. Causes and explanations on major changes of financial indicators of the
reporting period
√Applicable □Not Applicable
In the first three quarters of 2023, JMC sold 221,096 vehicles in total, up 6.46%
compared with the same period last year, including 46,139 trucks, 39,530
pickups, 80,333 SUVs, and 55,094 light buses. Revenue and profit attributable
to the equity holders of the Company during the first three quarters of 2023
were RMB 23,508 million and RMB 1,009 million, increase 6.70% and 40.75%
respectively compared with the same period last year.
As of the end of the third quarter of 2023, compared with the end of the
previous year, notes receivable decreased by RMB 720 million, down 96.93%,
mainly due to the notes acceptance at maturity.
As of the end of the third quarter of 2023, compared with the end of the
previous year, other receivables decreased by RMB 54 million, down 49.16%,
mainly due to the received equity transfer payment of the subsidiary.
As of the end of the third quarter of 2023, compared with the end of the
previous year, contract liabilities increased by RMB 52 million, up 34.13%,
mainly reflecting the increase of the payment for vehicles, components and
service, received in advance by the Company in the reporting period.
As of the end of the third quarter of 2023, compared with the end of the
previous year, taxes payable decreased by RMB 75 million, down 38.75%,
mainly reflecting the decrease of the taxes payable at the end of the period
During the first three quarters of 2023, compared with the same period last
year, financial expenses decreased by RMB 39 million, down 34.41%, mainly
reflecting the increase of the interest income from bank deposits and net
foreign exchange gains and losses, and the decrease of the financial interest
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expenses.
During the first three quarters of 2023, compared with the same period last
year, gains on disposal of assets decreased by RMB 398 million, down
100.61%, mainly reflecting the income resulted from disposal of the land and
above-ground buildings and construction in the Qingyunpu site of the
Company during the same period last year.
During the first three quarters of 2023, compared with the same period last
year, income tax expenses decreased by RMB 180 million, down 348.17%,
mainly due to losses of subsidiaries.
During the first three quarters of 2023, compared with the same period last
year, net profit attributable to the equity holders of the Company increased by
RMB 292 million, up 40.75%, mainly reflecting the increase in sales volume
and the decrease in raw material costs, as well as the increase in profit due to
the change in profit and loss of minority shareholders.
During the first three quarters of 2023, compared with the same period last
year, net cash flows from operating activities increased by RMB 4,639 million,
up 208.67%, mainly due to the increase of sales volume and payments
received from dealers and the decrease of payments for goods.
During the first three quarters of 2023, compared with the same period last
year, net cash flows from investing activities decreased by RMB 1,215 million,
down 379.63%, mainly due to the received disposal payment of the land and
above-ground buildings and construction in the Qingyunpu site of the
Company in the same period last year.
During the first three quarters of 2023, compared with the same period last
year, net cash flows from financing activities decreased by RMB 1,637 million,
down 128.74%, mainly due to the lower new borrowings compared to the
same period last year.
During the first three quarters of 2023, compared with the same period last
year, the net decrease of cash and cash equivalents increased by RMB 1,786
million, up 283.04%, mainly due to the increase in net cash generated from
operating activities.
4
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
Total shareholders (as of JMC had 36,771 shareholders, including 31,100 A-shareholders, and 5,671
September 30, 2022) B-shareholders.
Top ten shareholders
Shareholding Shares with Shares due to
Shares at the
Shareholder Name Shareholder Type Percentage Trading Mortgage or
End of Year
(%) Restriction Frozen or Mark
Nanchang Jiangling State-owned legal
41.03% 354,176,000 0 0
Investment Co., Ltd. person
Ford Motor Company Foreign legal person 32.00% 276,228,394 0 0
Hong Kong Securities
Clearing Company Ltd. Foreign legal person 3.27% 28,266,776 0 0
(HKSCC)
Shanghai Automotive State-owned legal
1.51% 13,019,610 0 0
Co., Ltd. person
Domestic natural
Jin Xing 0.88% 7,580,800 0 0
person
Xingquan Social
Responsibility Mixed Domestic
non-State-owned 0.46% 4,000,000 0 0
Securities Investment legal persons
Fund
Xingquan Hexing Mixed Domestic
Securities Investment non-State-owned 0.46% 3,940,000 0 0
Fund（LOF） legal persons
GAOLING FUND, L.P. Foreign legal person 0.43% 3,714,117 0 0
Domestic natural
Li Yifeng 0.35% 3,044,800 0 0
person
Xingquan Selected Domestic
Mixed Securities non-State-owned 0.29% 2,541,200 0 0
Investment Fund legal persons
Top ten shareholders holding unlimited tradable shares
Shareholder Name Shares without Trading Share Type
Restriction
Nanchang Jiangling Investment Co., Ltd. 354,176,000 A share
Ford Motor Company 276,228,394 B share
Hong Kong Securities Clearing Company Ltd.
28,266,776 A share
(HKSCC)
Shanghai Automotive Co., Ltd. 13,019,610 A share
Jin Xing 7,580,800 B share
Xingquan Social Responsibility Mixed Securities
4,000,000 A share
Investment Fund
Xingquan Hexing Mixed Securities Investment 3,940,000 A share
5
Fund（LOF）
GAOLING FUND, L.P. 3,714,117 B share
Li Yifeng 3,044,800 B share
Xingquan Selected Mixed Securities Investment
2,541,200 A share
Fund
Xingquan Social Responsibility Mixed Securities Investment
Description of association among the Fund, Xingquan Hexing Mixed Securities Investment Fund
above-mentioned shareholders or concerted （LOF） and Xingquan Selected Mixed Securities Investment
action Fund are in custody of AEGON-INDUSTRIAL Fund
Management Co., Ltd.
Description of the top 10 shareholders
None
participating in margin trading business
2.Total number of shareholders holding preferred shares and top ten
shareholders holding preferred shares
□Applicable √Not Applicable
3. Other Major Events
□Applicable √Not Applicable
6
4 Financial Statements
Jiangling Motors Corporation, Ltd.
1. CONSOLIDATED AND COMPANY BALANCE SHEETS AS AT 30 SEPTEMBER
2023
(All amounts in RMB Yuan unless otherwise stated)
30 September 2023 31 December 2022
Item
Consolidated* Consolidated
Current assets
Cash and cash equivalents 10,016,191,368 8,604,977,725
Financial assets held for trading 200,633,041 -
Derivative financial assets 4,162,436 2,972,698
Notes receivable 22,788,151 742,752,730
Accounts receivable 4,607,424,097 4,245,541,752
Financing receivables 329,476,150 376,662,817
Advances to suppliers 236,860,218 277,743,526
Other receivables 56,460,101 111,063,372
Inventories 1,624,047,748 2,129,040,820
Current portion of non-current assets 14,331,955 13,851,634
Other current assets 1,106,482,176 1,362,502,624
Total current assets 18,218,857,441 17,867,109,698
Non-current assets
Long-term receivables 20,373,521 31,148,044
Long-term equity investments 236,965,433 248,482,822
Fixed assets 5,341,364,100 5,446,384,369
Construction in progress 695,417,139 718,612,190
Right-of-use assets 195,549,387 233,622,890
Intangible assets 1,496,269,738 1,195,005,752
Development expenditures 456,424,997 477,233,877
Deferred tax assets 1,336,729,590 1,250,722,193
Total non-current assets 9,779,093,905 9,601,212,137
TOTAL ASSETS 27,997,951,346 27,468,321,835
Current liabilities
Short-term borrowings 1,300,000,000 1,100,000,000
Accounts payable 8,862,560,479 9,015,978,354
Contract liabilities 203,961,905 152,065,025
Employee benefits payable 973,526,111 915,703,680
Taxes payable 118,365,117 193,249,604
Other payables 5,812,548,990 5,672,708,511
Current portion of non-current liabilities 76,029,221 72,680,756
Other current liabilities 391,534,448 386,889,542
Total current liabilities 17,738,526,271 17,509,275,472
Non-current liabilities
7
Long-term borrowings 11,495,516.00 20,858,057.00
Lease liabilities 133,901,056.00 193,090,351.00
Long-term employee benefits payable 48,442,761.00 51,293,000.00
Provisions 250,608,013.00 250,762,589.00
Deferred income 67,059,040.00 60,849,643.00
Deferred tax liabilities 22,789,674.00 23,305,359.00
Other non-current liabilities 119,792,890.00 118,240,580.00
Total non-current liabilities 654,088,950.00 718,399,579.00
Total liabilities 18,392,615,221.00 18,227,675,051.00
Equity
Share capital 863,214,000.00 863,214,000.00
Capital surplus 839,442,490.00 839,442,490.00
Other comprehensive income -13,484,250.00 -13,484,250.00
Special reserve 9,350,551.00 -
Surplus reserve 431,607,000.00 431,607,000.00
Retained earnings 7,766,488,126.00 7,123,038,093.00
Total equity attributable to shareholders of the Company 9,896,617,917.00 9,243,817,333.00
Minority interests -291,281,792.00 -3,170,549.00
Total equity 9,605,336,125.00 9,240,646,784.00
TOTAL LIABILITIES AND EQUITY 27,997,951,346.00 27,468,321,835.00
* Unaudited financial indexes
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2. CONSOLIDATED AND COMPANY INCOME STATEMENTS FROM 1st
JANUARY 2023 TO 30th SEPTEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
2023.1.1-2023.9.30 2022.1.1-2022.9.30
Item
Consolidated* Consolidated*
Total Revenue 23,508,145,170.00 22,031,617,358.00
Including: Revenue 23,508,145,170.00 22,031,617,358.00
Total Cost of sales 23,364,291,590.00 22,210,150,244.00
Including: Cost of sales 19,895,543,278.00 18,870,567,493.00
Taxes and surcharges 715,319,089.00 649,198,393.00
Selling and distribution expenses 1,018,644,003.00 1,084,934,871.00
General and administrative expenses 735,786,298.00 684,921,452.00
Research and development expenses 1,151,041,247.00 1,033,734,057.00
Financial expenses -152,042,325.00 -113,206,022.00
Including: Interest expenses 27,647,061.00 41,152,045.00
Interest income -183,180,009.00 -175,474,827.00
Add: Other income 409,483,303.00 524,873,765.00
Investment income -14,076,781.00 -32,212,952.00
Including: Share of profit of associates and joint ventures -6,424,033.00 -7,263,734.00
Gains on changes in fair value 1,822,779.00 10,238,540.00
Credit impairment losses 579,043.00 12,474,916.00
Gains on disposal of assets -2,399,417.00 395,120,147.00
Operating profit 539,262,507.00 731,961,530.00
Add: Non-operating income 7,415,818.00 3,293,204.00
Less: Non-operating expenses 2,992,667.00 4,268,579.00
Total profit 543,685,658.00 730,986,155.00
Less: Income tax expenses -128,655,867.00 51,842,593.00
Net profit 672,341,525.00 679,143,562.00
Classified by continuity of operations
Net profit from continuing operations 672,341,525.00 679,143,562.00
Net profit from discontinued operations - -
Classified by ownership of the equity
Attributable to shareholders of the Company 1,009,452,769.00 717,184,815.00
Minority interests -337,111,244.00 -38,041,253.00
Other comprehensive income, net of tax - -
Attributable to shareholders of the Company
Other comprehensive income items which will not be
reclassified to profit or loss
Changes arising from remeasurement of defined benefit plan - -
Attributable to minority interests - -
Total comprehensive income 672,341,525.00 679,143,562.00
Attributable to shareholders of the Company 1,009,452,769.00 717,184,815.00
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Attributable to minority interests -337,111,244.00 -38,041,253.00
Earnings per share
Basic earnings per share(RMB Yuan) 1.17 0.83
Diluted earnings per share(RMB Yuan) 1.17 0.83
*: Unaudited financial indexes
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3. CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS FROM
1st JANUARY 2023 TO 30th SEPTEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
2023.1.1-2023.9.30 2022.1.1-2022.9.30
Item
Consolidated* Consolidated*
Cash flows generated from/(uesd in) operating activities
Cash received from sales of goods or rendering of services 26,114,405,023.00 22,536,336,405.00
Refunds of taxes 534,837,907.00 186,207,463.00
Cash received relating to other operating activities 483,440,267.00 629,736,941.00
Sub-total of cash inflows 27,132,683,197.00 23,352,280,809.00
Cash paid for goods and services 19,199,778,002.00 19,978,330,477.00
Cash paid to and on behalf of employees 1,824,701,222.00 1,780,938,148.00
Payments of taxes and surcharges 1,818,749,033.00 1,746,532,718.00
Cash paid relating to other operating activities 1,873,866,956.00 2,069,409,606.00
Sub-total of cash outflows 24,717,095,213.00 25,575,210,949.00
Net cash flows generated from/(uesd in) operating activities 2,415,587,984.00 -2,222,930,140.00
Cash flows (uesd in)/generated from investing activities
Cash received from disposal of investments 100,000,000.00 200,000,000.00
Cash received from returns on investments 5,829,356.00 1,523,836.00
Net cash received from disposal of fixed assets, intangible
1,355,619.00 782,848,039.00
assets and other long-term assets
Cash rec eived from disposal of subsidiaries and other
60,900,000.00 139,040,000.00
business units
Cash received relating to other investing activities 172,004,288.00 163,104,941.00
Sub-total of cash inflows 340,089,263.00 1,286,516,816.00
Cash paid to acquire fixed assets, intangible
934,830,797.00 851,368,308.00
assets and other long-term assets
Cash paid to acquire investments 300,000,000.00 100,000,000.00
Cash paid relating to other investing activities 88,707.00 15,148,588.00
Sub-total of cash outflows 1,234,919,504.00 966,516,896.00
Net cash flows (uesd in)/generated from investing activities -894,830,241.00 319,999,920.00
Cash flows (uesd in)/generated from financing activities
Cash received from absorbing investments 49,000,000.00 49,000,000.00
Including: cash received by the subsidiary from absorbing
49,000,000.00 49,000,000.00
minority shareholders' investment
Cash received from borrowings 3,581,942,944.00 3,868,751,389.00
Cash received relating to other financing activities 500,000,000.00 -
Sub-total of cash inflows 4,130,942,944.00 3,917,751,389.00
Cash repayments of borrowings 3,406,409,044.00 2,400,208,436.00
Cash payments for distribution of dividends, profits or interest
374,067,646.00 230,353,307.00
expenses
Cash paid relating to other financing activities 716,026,111.00 15,377,524.00
Sub-total of cash outflows 4,496,502,801.00 2,645,939,267.00
11
Net cash flows (uesd in)/generated from financing activities -365,559,857.00 1,271,812,122.00
Effect of foreign exchange rat e changes on cash and cash
- -
equivalents
Net increase/(decrease) in cash and cash equivalents 1,155,197,886.00 -631,118,098.00
Add: Cash and cash equivalents at beginning of year 8,543,193,654.00 9,569,051,314.00
Cash and cash equivalents at end of period 9,698,391,540.00 8,937,933,216.00
* Unaudited financial indexes
2. In 2023, the first implementation of the new accounting standards
adjustment and the situation of first implementation of the financial statements
at the beginning of the year related items
□Yes √No
3. Whether the 2023 third quarter report is audited?
□Yes √No
JMC 2023 Third Quarter Report is not audited.
Board of Directors
Jiangling Motors Corporation, Ltd.
October 25, 2023
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